Morning Brief

Stocks are set for a higher open after Dow erases more than 700 point deficit

Key Points


Futures were higher this morning after what seemed like an unlikely rally in Wednesday's session. The Dow was down as much as 510 points and the other major averages were lower as well, only to see all those deficits wiped out in an impressive afternoon comeback. (CNBC)

* Wild trading shows markets aren't really afraid of a trade war yet (CNBC)

Facebook (FB) upped its estimate of how many users may have had their personal information improperly shared with political consulting firm Cambridge Analytica to 87 million from the prior 50 million. CEO Mark Zuckerberg also said he's "responsible for what happened." (CNBC)

* How to delete everything Facebook knows about you (CNBC)
* Zuckerberg: Most Facebook users should assume they have had their public info scraped (CNBC)

Chemical giant Monsanto (MON), retailer Conn's (CONN), and steel maker Schnitzer Steel (SCHN) are among the few companies out with quarterly earnings this morning, while retailer PriceSmart (PSMT) and lubricant maker WD-40 (WDFC) issue numbers after today's closing bell.

Both economic reports on today's calendar hit the tape at 8:30 a.m. ET, with the government releasing weekly initial jobless claims as well as the February trade deficit. (CNBC)


The GOP is drafting legislation to make permanent the reductions to individual tax rates and a provision that allows businesses to fully deduct expenses immediately, sources told CNBC. Under the current law, lower individual rates expire after 2025.

Larry Kudlow, President Donald Trump's new top White House economic advisor, said it's possible the administration's proposed tariffs on China may not take effect. Kudlow also called the stock market reaction to the trade moves "mild." (CNBC)

* China may be using US soybeans to hit Trump's political base (CNBC)
* Tariffs would hurt US consumers and companies, business group warns (CNBC)

President Donald Trump's national security advisor pick, John Bolton, has been meeting with White House attorneys about possible conflicts of interest, CNBC has learned. Bolton is slated to take over as national security advisor on Monday.

The president said he would deploy National Guard troops to the U.S.-Mexico border, but the troops will likely not have physical contact with immigrants or be responsible for processing them at the border, NBC News has learned.

The White House said Trump is "not involved" in the process of choosing whether Amazon (AMZN) receives a multibillion-dollar Defense Department cloud computing contract. Trump has attacked the company in recent days. (CNBC)

J. P. Morgan Chase (JPM) CEO Jamie Dimon wrote in his annual letter to shareholders that the market may be underestimating the chances that the Federal Reserve will have to act more quickly to rein in a growing U.S. economy. (CNBC)

* Read Jamie Dimon's full shareholder letter here (CNBC)

The U.S. is expected to sanction Russian oligarchs this week under a law targeting Moscow for meddling in the 2016 presidential election, sources tell Reuters. Trump has previously faced criticism for doing too little to punish Russia.

Google said today that it would boost security in YouTube offices globally after the shooting at the video platform's headquarters. Earlier in the week, a woman shot at least three people before dying from a self-inflicted gunshot wound. (CNBC)

The Food and Drug Administration asked internet service providers and social media companies, including Facebook (FB), Twitter (TWTR) and Alphabet's Google (GOOGL), to play a more active role in clamping-down on illegal online sales of opioid drugs. (Axios)


Delta Air Lines (DAL) and Sears Holding (SHLD) say some of their customer payment information may have been affected by a cybersecurity breach at software firm 1/8 24 3/87. The firm provides security services for a number of well-known companies.

Equifax (EFX) can be sued by Massachusetts over its 2017 data breach that exposed personal information from 147 million people, according to a ruling from a Suffolk County Superior Court Judge.

General Electric (GE) said it would provide restated results for 2016 and 2017 by April 13. The restated results were to reflect a new accounting standard impact revenue from long term contracts.

AMC Entertainment (AMC) will open up to 40 movie theaters in Saudi Arabia over the next five years after striking a new agreement with the kingdom. Saudi Arabia has not had a movie theater in more than 35 years.

J.M. Smucker (SJM) will buy pet food maker Ainsworth Pet Nutrition for $1.9 billion in cash to boost its pet food portfolio. Separately, the food maker said it was exploring alternatives for its baking business, which includes the Pillsbury and Martha White brands.


The global box office is making more money than ever, even as attendance in the U.S. has plummetted, a new report shows. The domestic box office fell by 2 percent to $11.1 billion. However, higher ticket prices and growth in China helped offset those declines. (Variety)

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